The Reserve Bank of India (RBI) is planning to introduce a wholesale central bank digital currency (CBDC) in the call money market, according to an official. The RBI aims to widen the use of CBDCs in the interbank borrowing market, specifically the call money market. Currently, the CBDC is in a pilot phase across the retail and wholesale segments, with the central bank setting a target of one million transactions per day by the end of 2023. The move comes as digital currencies continue to gain traction globally, with central banks exploring their potential benefits and risks. CBDCs have the potential to increase efficiency, reduce costs, and improve financial inclusion.